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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Platter who wrote (36463)	2/1/1999 4:30:00 PM
From: gregor	Read Replies (1) \| Respond to of 95453

I feel the most critical formation of Trading Analysis was the Oct 19 to Nov 15th period when oil formed a descending triangle in the 15.50 to 14.00 dollar range. The bollinger bands tightened and once oil broke 14.00 there was no stopping it. We really need a retest of 12.00 now for us to move higher, imho. A close of 12.00 would be a lot better. The bollinger bands are narrowing now but it is just too early to call the formation. If we break $12.00 it just signals a longer bottom formation to me, and be prepared to play the swings between 11.50 and 13.00. imho If the volatility settles down to between 12.25 and 12.75 for a few weeks, it could signal 12.00 as a critical support level ,and a subsequent move to 15.00. It's too early to tell but this week will be very critical........ If I had to call it now I would venture to say that the next move is below 12.00 with a lot of volatility to follow on the upside, thats what makes this sector so interesting.